Why Freeport-McMoran Inc. (FCX) Went Up On Tuesday?
We recently published a list of Pulse of The Market: Tuesday's 10 Top Performers[1]. In this article, we are going to take a look at where Freeport-McMoran Inc. (NYSE:FCX) stands against other Tuesday's top performers.
A lackluster trading persisted on the stock market on Tuesday, with all major indices finishing in the green territory, but eked out only slight gains.
The tech-heavy Nasdaq rallied the most, up 0.46 percent, followed by the S&P 500 with 0.16 percent, and the Dow Jones with a marginal 0.01 percent.
Despite the muted trading, investors poured funds into several companies, pushing their prices to achieve modest gains. In this article, we listed the 10 top performers today and detailed the reasons behind their gains.
To come up with the list, we considered only the stocks with a £2 billion market capitalization and £5 million in trading volume.
Why Freeport-McMoran Inc. (FCX) Went Up On Tuesday?
A large open-pit copper mine with heavy machinery extracting minerals from the earth.
Freeport-McMoran rose for a second day on Tuesday, adding 3.36 percent to end at £43.01 as investors resorted to bargain-hunting to take advantage of its cheap valuation while trading in line with higher copper prices.
According to analysts, FCX's current valuation indicates that it is currently undervalued.
FCX is a US-based mining company based in Phoenix, Arizona, and is currently the world's largest producer of molybdenum.
Earlier this month, it said that it was hoping President Donald Trump to declare copper a critical mineral, a move that would unlock tax credits to bolster production of the red metal in the US and offset global counterparts.
In the fourth quarter of 2024, FCX saw adjusted net income increase by 14 percent to £450 million from £393 million in the same period a year earlier.
However, adjusted net profit for the full-year period declined by 3.3 percent to £2.146 billion from £2.221 billion in 2023.
Overall, FCX ranks 9th on our list of Tuesday's top performers.
While we acknowledge the potential of FCX as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame.
If you are looking for an AI stock that is as promising as FCX but trades at less than 5 times its earnings, check out our report about the cheapest AI stock[2].
READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires[3][4]
Disclosure: None.
This article is originally published at Insider Monkey.[5]
References
- ^ Pulse of The Market: Tuesday's 10 Top Performers (www.insidermonkey.com)
- ^ cheapest AI stock (www.insidermonkey.com)
- ^ 20 Best AI Stocks To Buy Now (www.insidermonkey.com)
- ^ 30 Best Stocks to Buy Now According to Billionaires (www.insidermonkey.com)
- ^ Insider Monkey (www.insidermonkey.com)